Sticky Notes

Carolina Journal

"Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.

Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly.

Articles says:

• savings incentives are unequal for rich and poor families
• you get a fixed 3 percent annual rate of return
• "I’m just rearranging the tax breaks that are available now for 401(k)s and spreading — spreading the wealth"
• All workers would have 5 percent of their annual pay deducted from their paychecks

AND YOU THINK REDISTRIBUTION OF WEALTH ISN'T COMING SOON?